Payment Trend 5: Next Generation Payments will work with Ecosystems

Markets, regulation is enabling (dare i say it, forcing) collaboration to happen in new ways

Connected networks and working within ecosystems, Accenture suggest, is enabling companies to increase their capabilities and reach in unprecedented ways. Historically this would have involved high costs, lengthy build periods and tremendous risk

Payment Trend 6: Banks and Fintech’s Collaborate

Similar to the above, but here focusing on fintech companies and banks – contrasting organisations with complementary strengths

Accenture describe the benefits of fintech companies – niche business models, innovative technologies with a transformational impact on financial services

Banks on the other hand are looking to are in build, buy and partner with fintechs – describing it as a “powerful mutual dependency”

Payment Trend 7: New Tech will Disrupt the Entire Payments Process

This one is all about potential – historically accounts are thought of as a string of numbers, in the future accounts are becoming a software code

Blockchain, augmented reality, biometrics and other technology will all reinvent all aspects of payments

Payment Trend 8: Payments will be Accepted Everywhere

Technology will keep changing and enabling new ways of accepting and making payments

There are an increasing number of ways to accept payments, a trend that is essentially now device enabled – this universal acceptance of payments will change the traditional relationship between all parties in the payments space

Payment Trend 9: The Fraud Threat Ain’t Goin’ Anywhere

With each wave of payments innovation, payment fraud has never stopped or gone away, it has simply moved/evolved

This will continue to happen into the future, fraudsters will innovate, build workarounds and collaborate with one another to break down new security defences